topic Re: Lowes Project Card - New Rules - BEWARE!!!!!!!!!!!!!!!!!!!!!! in Credit Cards

Lowes Project Card - New Rules - BEWARE!!!!!!!!!!!!!!!!!!!!!!

MidnightVoice — Mon, 11 Jan 2010 14:57:35 GMT

I have a Lowes project card that gives 6 months interest free on major purchases, and no charges due in that time, and no interest id PIFffed in that time. I used it and it was fine

BUT - they have just informed me that due to the new financial regulations, thay have to change that, and a certain minimum payment is due every month. So beware!! Take Care!!

Re: Lowes Project Card - New Rules - BEWARE!!!!!!!!!!!!!!!!!!!!!!

UpNUp — Mon, 11 Jan 2010 15:15:16 GMT

@MidnightVoice wrote:
I have a Lowes project card that gives 6 months interest free on major purchases, and no charges due in that time, and no interest id PIFffed in that time. I used it and it was fine

BUT - they have just informed me that due to the new financial regulations, thay have to change that, and a certain minimum payment is due every month. So beware!! Take Care!!

I don't have the Project Card just the Lowes store card. I use it for the 1 year no interest, no payments promos. However, I still make monthly payments of about 10% of the balance. So thats not a problem for me. Thanks for the heads up tho.

After about six months making payments I get tired and pay off the balance and be done with it.

Re: Lowes Project Card - New Rules - BEWARE!!!!!!!!!!!!!!!!!!!!!!

Anonymous — Mon, 11 Jan 2010 15:25:33 GMT

Several of my store cards told me that as well, one of them was Home Depot. I may be wrong but I believe that this is an across the board thing, meaning no one can offer the "no payments" option anymore, not sure why that was included in the new regulations, I liked the no interest, no payments option myself.

Re: Lowes Project Card - New Rules - BEWARE!!!!!!!!!!!!!!!!!!!!!!

MidnightVoice — Mon, 11 Jan 2010 20:01:54 GMT

Lowes did say it was an across the board thing. I just wanted people to be aware if they had these "no interest" deals that they might get caught if they don't read all the apparent junk mail!

Re: Lowes Project Card - New Rules - BEWARE!!!!!!!!!!!!!!!!!!!!!!

haulingthescoreup — Tue, 12 Jan 2010 02:45:44 GMT

Cyrion wrote:
Several of my store cards told me that as well, one of them was Home Depot. I may be wrong but I believe that this is an across the board thing, meaning no one can offer the "no payments" option anymore, not sure why that was included in the new regulations, I liked the no interest, no payments option myself.

I'll need to go back and re-read the regs yet again, but I suspect that a lot of actions that banks claim are required by the CARD Act are in fact actions that they want to take.

Sort of like teenagers wiggling out of an uncomfortable situation by blaming their parents, claiming that mean old Mom and Dad won't let them go.

Re: Lowes Project Card - New Rules - BEWARE!!!!!!!!!!!!!!!!!!!!!!

MidnightVoice — Tue, 12 Jan 2010 15:45:25 GMT

Quite possibly. I just don't want anyone to screw up all their hard work on raising their score by missing a payment!!

Re: Lowes Project Card - New Rules - BEWARE!!!!!!!!!!!!!!!!!!!!!!

Anonymous — Wed, 13 Jan 2010 02:39:26 GMT

We sat up a Project Card account just four weeks ago with the understanding that our payments would not start for 6 months. We were going to use that time to pay more on our regular Lowe's card that was set up at the same time on 12 months SAC. I believe our Lowe's customer service rep knew the rules would be changing but lured us in with the Project Card. I think we were knowingly mislead.